London, June 22, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled “Medical Laser Market by Type (Solid-state Lasers, Gas Lasers, Dye Lasers, Diode Lasers) and Application (Ophthalmology, Dermatology, Gynecology, Dentistry, Urology, Cardiovascular, Other Applications)– Global Forecast to 2028”, published by Meticulous Research®, the Medical Laser Market is expected to grow at a CAGR of 14.2% from 2021 to 2028 to reach $3 billion by 2028.
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Medical lasers are medical devices that use precisely focused light sources for treating or removing tissues. Since lasers can focus accurately on tiny areas, they are used for precise surgical works or for cutting through tissue in place of a scalpel. Lasers are commonly employed in many medical disciplines; dermatology, dentistry, cardiology, neurosurgery, and eye surgery, because of their ability to deliver high precision treatments while remaining minimally invasive. Laser-based therapies and diagnostic methods represent an area of huge future potential. The increasing number of cosmetic procedures, rising preference for minimally invasive procedures, and increasing prevalence of eye disorders are the major factors supporting the growth of this market.
The growth of medical tourism is expected to provide significant growth opportunities for market players. However, factors such as the high cost of lasers, stringent safety regulations, and risks associated with lasers are expected to hamper the growth of this market.
The Impact of COVID-19 on the Medical Laser Market
The COVID-19 pandemic outbreak caused a widespread economic downturn as several countries imposed strict lockdowns to cover the infection. This has severely affected many industries, including healthcare. There has been a significant impact on the entire supply chain, from raw materials to manufacturing and delivery. Healthcare resources have been prioritized to cater to patients affected by COVID-19. However, the routine healthcare services remained suspended to curb the spread of infection. As the lockdowns gradually lifted towards the end of June 2020, there was an influx of patients seen for laser surgeries, such as refractive, urology treatments, and cardiovascular.
One of the treatments that witnessed an increase in demand during the COVID-19 scenario was aesthetic procedures. The major reason for an increase in these procedures during 2020, which came out during consultation, was that people started noticing the need for facial surgeries during their work video calls. Another segment that witnessed an increase in the number of patients was refractive surgeries. The rates of refractive surgeries have seen a gradual increase since the reopening of ophthalmic surgery centers during the COVID-19 pandemic.
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Key Findings in the Medical Laser Market
Based on type, the diode lasers segment will grow at the highest CAGR over the forecast period. Diode lasers are used in various surgical procedures such as hair removal, soft tissue cutting, aesthetic procedures, dental surgeries, coagulation, and thermal cancer therapy. Rising risk due to oral cancer has encouraged various public and private companies to develop high-powered diode lasers to cure cancer-related issues. According to WHO, lip and oral cavity cancers are among the top 15 most common cancers, globally. In South-East Asia and Western Pacific regions, the major cause of death among males is cancer. This is expected to create demand for diode lasers during the forecast period.
However, the solid-state lasers segment is expected to account for the largest share of the overall medical laser market in 2021. The use of solid-state lasers in medical applications, such as treatment processes for scar removal, melisma treatment, and skin resurfacing, has encouraged various healthcare facilities to adopt these lasers for performing treatments.
Based on application, the urology segment is estimated to gain the highest growth rate during the forecast period. Factors such as the rising number of kidney diseases, increasing urinary tract infections, the growing elderly population, and rising chronic kidney disorders are driving the growth of this segment. Urinary tract infections are also one of the most common types of infections. According to the International Society of Nephrology, in 2020, more than 850 million people had kidney disease globally. Furthermore, in 2020, in the U.S., cases of bladder cancer were around 81,400, and about 17,980 deaths (Source: American Cancer Society). In 2021, in the U.S., bladder cancer cases stood at 83,730 (about 64,280 in men and 19,450 in women), and 17,200 deaths were reported from bladder cancer (about 12,260 in men and 4,940 in women).
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Companies are initiating several strategic developments for the development of urology medical lasers. For instance, in 2020, Olympus Corporation launched its Soltive SuperPulsed Laser System, a new application of thulium fiber laser technology designed for stone lithotripsy and soft tissue applications.
The dermatology segment is expected to account for the largest share of the overall Medical Laser Market in 2021. The increasing number of cosmetic surgeries simultaneously increases the use of medical lasers in these treatments and boosts the growth of the medical lasers market.
Geographically, Asia-Pacific region is expected to grow at the fastest CAGR in the medical lasers market during the forecast period. The major factors contributing to the growth of the medical lasers market in Asia-Pacific include growth of medical tourism in a majority of Asian countries, rising disposable income, growing awareness and adoption of minimally invasive aesthetic procedures, government support to provide better medical infrastructure, and the entrance of several medical device manufacturers in the market.
In countries such as China and Japan, the government has constantly introduced policies to support the standardization of the aesthetic medicine industry. Furthermore, the digital media marketing of aesthetic procedures has created consumer awareness and explosive growth in the market. India is also at the forefront of development in the medical lasers market, with the government’s continual effort to boost the medical technology market.
China has become a booming market for medical lasers. The demand for cosmetic surgery in this country is primarily driven by a growing Chinese middle-class population and increased desire and awareness for better care for their health and body. Rapid urbanization, increasing investments by healthcare providers towards infrastructure improvement, increasing awareness among the population, growing beauty consciousness, and the growing availability of a range of advanced products and technologies contribute to the growth of this market.
The key players operating in the global Medical Laser Market are Lumenis, Ltd. (Israel), Fotona d.o.o. (Slovenia), BIOLASE, Inc. (U.S.), IRIDEX Corporation (U.S.), CUTERA, INC. (U.S.), Alna-Medicalsystem AG & Co. KG (Germany), Bausch & Lomb Incorporated (U.S.), Boston Scientific Corporation (U.S.), Alcon, Inc. (Switzerland), STRYKER CORPORATION (U.S.), Alma Lasers (Israel), biolitec AG (Germany), Bluecore Company (South Korea), Cynosure (U.S.), PhotoMedex (U.S.) and Spectranetics (U.S.) among others.
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Scope
Medical Laser Market, by Type
- Solid-state Lasers
- Neodymium Yttrium Aluminum Garnet Lasers (Nd:YAG)
- Erbium Yttrium Aluminum Garnet Lasers (Er:YAG)
- Holmium Yttrium Aluminum Garnet Lasers (Ho:YAG)
- Alexandrite Lasers
- Potassium Titanyl Phosphate Lasers
- Ruby Lasers
- Gas Lasers
- CO2 Lasers
- Excimer Lasers
- Argon Lasers
- Helium-Neon (HE-NE) Lasers
- Krypton Lasers
- Metal Vapor (Copper and Gold) Lasers
- Diode Lasers
- Dye Lasers
Medical Laser Market, by Application
- Dermatology
- Ophthalmology
- Urology
- Dentistry
- Cardiology
- Gynecology
- Other Applications
Medical Laser Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Italy
- France
- Spain
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa (MEA)
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